Worcester panel files OPEB, FY26 finance reports
Worcester's Municipal and Legislative Operations Committee reviewed a $1.15 billion unfunded retiree health benefit liability and disclosed sewer reserves have fallen below policy.
Other Committee 2026-09-15 Part 2 · Meeting of September 15, 2026
Worcester's Municipal and Legislative Operations Committee reviewed a $1.15 billion unfunded retiree health benefit liability and disclosed sewer reserves have fallen below policy. Chief Financial Officer Tim McGrathy, standing in for an absent city auditor, told councilors Gary Rosen and Morris Bergman that the OPEB trust holds $61,335,147 against the $1.15 billion obligation, just 5.35 percent funded. McGrathy said two lawsuits, Holden and Rivoli, drained the city's SOAR enterprise reserves from $19 million to about $3.5 million, "below our policy" of two months' coverage.
He reported fiscal 2026 revenues finished at 101 percent of budget and expenditures at 94 percent, despite a snow budget that ran from $5.5 million to $10.5 million. The committee voted 3-0 to file the OPEB report and the manager's financial communications, and held the city's audited financial report for a future meeting.
In the full story:
- Who Was There
- Organizations And Documents Referenced
- The complete report — 2,158 words
Source: the Other Committee 2026-09-15 Part 2 meeting of September 15, 2026, reported from the official video recording and transcript.
Checked against the record: before publication this article was automatically compared with the meeting transcript.
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